Key Takeaways

- Brent crude reached $106.01 per barrel on April 24, according to Fortune , driven by stalled US-Iran peace negotiations and the continued closure of the Strait of Hormuz

- Natural gas fell to $2.55/MMBtu on April 24, down 2.40% from the previous day, according to Trading Economics

, pressured by ample storage and mild weather

IGO slashed production guidance for Greenbushes, the world's biggest hard-rock lithium mine, to between 1.38-million and 1.43-million tons, a 13% reduction at the top end, according to Mining Weekly

• Israeli storage developer Airengy signed a memorandum to acquire a 51% stake in Green-Go, an Israeli PV developer, according to PV Magazine

Canaccord Genuity expects a "material market deficit" in lithium starting in 2026, according to Mining.com

Oil & Gas Markets

Oil markets experienced dramatic volatility this week as geopolitical tensions in the Middle East drove prices to multi-month highs. WTI crude futures rose above $97 per barrel on Friday, on track to gain more than 17% for the week as stalled US-Iran peace negotiations and the continued closure of the Strait of Hormuz fueled supply concerns, according to Trading Economics . Brent crude reached $106.01 per barrel on April 24, a gain of $2.34 compared with the previous day and around $39 higher than the price one year ago, according to Fortune .

The week began with oil already elevated, as Brent was priced at $96.18 per barrel on April 17, according to Fortune . Prices climbed steadily through the week as diplomatic efforts faltered. Reports indicated that President Donald Trump's Truth Social posts, along with his decision to maintain a naval blockade of Iranian ports, have complicated prospects for renewed negotiations with Tehran, with Trump ordering the US Navy to "shoot and kill" vessels laying mines in the strait, according to Trading Economics . The US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, while the truce between Israel and Lebanon has also been prolonged by three weeks .

The supply disruption has been severe. The ongoing disruption has led to a sharp decline in shipments from major Middle Eastern oil and gas producers, substantially tightening global supply, according to Trading Economics . The war continues to pressure supply, with estimates of demand destruction already nearing 4 million barrels per day and potentially climbing to 5 million barrels per day, about 5% of global supply, with Asia likely to absorb most of the impact, according to Trading Economics . The EIA forecast that Brent crude oil spot price averaged $103 per barrel in March and expects it to peak in the second quarter of 2026 at $115/b before easing as production shut-ins slowly abate, with a risk premium maintained throughout the forecast period .

Natural gas markets moved in the opposite direction, declining on ample supply and seasonal factors. Natural gas fell to $2.55 USD/MMBtu on April 24, down 2.40% from the previous day, according to Trading Economics . US natural gas futures fell to $2.57 per MMBtu, reaching their lowest since October 2024, pressured by ample storage levels and continued strong injections, with utilities adding 103 billion cubic feet of gas to storage for the week ended April 17, above expectations and well ahead of both the 77 bcf added in the same week last year and the five-year average build of 64 bcf, according to Trading Economics . The EIA, in its April Short-Term Energy Outlook, forecast that Q2 Henry Hub spot gas prices will average $3.01/MMBtu, 9 cents below the March estimate, with the Q3 forecast lowered by 7 cents to $3.26/MMBtu, according to S&P Global .

Renewable Energy Developments

The renewable energy sector continued its expansion this week with several significant project announcements and strategic moves. Israeli storage developer Airengy Ltd., listed on the Tel Aviv Stock Exchange, signed a memorandum of understanding to acquire a 51% stake in Green-Go, an Israeli PV developer and engineering, procurement, and construction company, according to PV Magazine. This move signals growing convergence between energy storage and solar development capabilities.

In the United States, community solar company Chaberton Energy issued two requests for proposal for 27 acres to engage Maryland farmers for agrivoltaic projects, according to Solar Power World. The initiative aims to co-locate agricultural activities on PV project sites, advancing the dual-use model for solar development.

International hydrogen developments also advanced this week. In 2025, solar and wind provided about six times more new generation capacity than everything else combined, including coal, gas, nuclear, hydro and all other renewables, according to PV Magazine citing the International Solar Energy Society . Atome PLC took Final Investment Decision on a $665 million, 60,000 tpa green hydrogen-based fertilizer plant in Villeta, Paraguay, according to PV Magazine. The project is financed by development finance institutions and equity partners.

European policy developments also shaped the week's renewable landscape. The Ministry of Economic Affairs and Climate of the Netherlands identified a planned polysilicon factory in the country as of strategic importance under the Net Zero Industry Act, according to PV Magazine. This designation underscores Europe's push to build domestic solar manufacturing capacity.

Battery energy storage safety and testing also saw advancement. UL Solutions announced it has enhanced large-scale fire testing for battery energy storage systems to provide code authorities and fire service professionals clearer information on how battery systems behave during thermal events, according to Solar Power World.

Mining & Critical Minerals

The mining sector experienced significant developments this week, particularly in lithium and copper markets. The most dramatic news came from Australia, where IGO tumbled as much as 14% after the company delivered a major downgrade to production guidance for Greenbushes, the world's biggest hard-rock lithium mine, slashing expectations for full-year output to between 1.38-million and 1.43-million tons, compared with 1.50-million to 1.65-million tons expected previously, citing "systemic" issues at the site, according to Mining Weekly . The company said performance has been challenged across a number of metrics including safety, feed grade, recoveries, maintenance execution and plant reliability .

Despite operational challenges at individual mines, the broader lithium market outlook strengthened. Canaccord Genuity expects to see a "material market deficit" starting in 2026, given that tightening supply has more than offset the weakness in near-term demand, with this deficit potentially lasting until 2035, according to Mining.com . Lithium prices surged in Q1 2026, with battery-grade lithium carbonate nearly doubling to US$26,278 per ton, with supply delays and speculative buying fueling the rally, according to Investing News .

Copper markets also showed strength. Copper has climbed from roughly $9,173 per metric ton in April 2025 to nearly $12,951 per metric ton in early 2026, a move driven by structural demand from electric vehicles, data center buildouts, and grid electrification, according to 24/7 Wall St .

In project development news, the Australian Renewable Energy Agency is providing up to A$38.1 million ($27.2 million) to PLS Group Limited to support an innovative, lower-emission lithium processing trial using Calix electric-kiln technology at the Pilgangoora operation, according to International Mining. Sandvik secured an order from Glencore to supply three DR413i rotary blasthole drill rigs for the restart of the Bajo de la Alumbrera copper mine in Argentina, with the order booked in Q1 2026, according to International Mining.

Zambia's mining sector also saw positive developments, as the Ministry of Mines and Minerals Development announced that Luanshya Mine will restart production at its upper section in August 2026, following the completion of dewatering operations, according to Mining Technology. Vizsla Silver awarded the engineering, procurement, and construction management contract to M3 Engineering & Technology and the mine design contract to Mining Plus for the Panuco silver-gold project, according to Mining Technology.

Week Ahead Preview

Markets will continue to monitor developments in the Middle East, particularly any progress in US-Iran negotiations and the status of the Strait of Hormuz. The oil market remains highly sensitive to geopolitical signals, with the EIA maintaining a risk premium on crude oil prices throughout the forecast period as uncertainty around future supply disruptions is expected to keep prices above pre-conflict levels, with the price forecast highly dependent on assumptions of both the duration of conflict in the Middle East and resulting outages in oil production .

Natural gas traders will watch for weekly storage reports and weather forecasts, as forecasts suggest mostly near-normal temperatures through early May, limiting demand upside, according to Trading Economics . In renewables, investors will track policy developments in Europe and the United States, particularly implementation of the Net Zero Industry Act and domestic content requirements. The mining sector will focus on lithium supply dynamics and whether operational challenges at major mines signal broader industry issues or isolated incidents.

This weekly recap is compiled from coverage by Trading Economics, Fortune, PV Magazine, Solar Power World, Mining Weekly, Mining.com, International Mining, Mining Technology, S&P Global, Investing News, 24/7 Wall St., and the U.S. Energy Information Administration. For daily updates, visit stakeandpaper.com.